The Random Walk Hypothesis holds that security prices cannot be predicted and that the market is generally efficient, meaning that all relevant information is reflected in market prices. While this may in fact be true for the majority of securities at any given time, it appears manifestly untrue for certain securities at certain times.
Value investing may be simply characterized as rational investing. The goal is to identify securities trading at prices far below the intrinsic value of the business and to only make purchases when a substantial margin of safety exists.
The Rational Walk was created to provide a platform to publish equity research based on value investing principles. We believe that diligent and thorough security analysis has the potential to identify opportunities in the financial markets for the small number of investors who truly have long time horizons and the appropriate temperament to ignore short term market fluctuations.
The Rational Walk has provided extensive coverage of Berkshire Hathaway in recent years including the publication of Berkshire Hathaway: In Search of the “Buffett Premium”. The Rational Walk’s coverage of Berkshire has been mentioned in several news articles.
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